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Shutterfly enters $200 million five-year revolving credit facility
By Wendy Van Sickle
Columbus, Ohio, June 15 – Shutterfly, Inc. entered into a $200 million five-year amended and restated secured revolving credit facility on June 10, according to an 8-K filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA is the administrative agent.
The company may request to increase the revolver by up to $100 million.
Borrowings will bear interest at Libor plus 150 basis points to 225 bps, depending on the company’s leverage ratio.
Covenants include a maximum ratio of consolidated total debt to consolidated EBITDA of 3.5 times, stepping down to 3 times after June 30, 2018 and a minimum ratio of consolidated EBITDA to consolidated interest and rental expense of 2.5 times.
Proceeds may be used for general corporate purposes, working capital, capital expenditures and potential acquisitions. The revolver was undrawn at closing.
The credit facility is secured by substantially all of the company’s present and future assets.
Shutterfly is a Redwood City, Calif., internet-based social expression and personal publishing service.
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